TDH Holdings, Inc. Reports Full Year 2024 Audited Financial Results
Full Year 2024 Financial Highlights:
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For the Twelve Months Ended |
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($ millions, except per share data) |
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2024 |
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2023 |
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% Change |
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Revenues from continuing operations |
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- |
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74,664.72 % |
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Gross profit (loss) |
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- |
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(107,497.30) % |
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Gross profit (loss) margin |
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42.29 % |
|
-29.44 % |
|
71.73 pp* |
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Loss from operations |
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( |
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( |
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(70.37) % |
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Operating loss margin |
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(325.10) % |
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(820,361.14) % |
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820,036.04 pp* |
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Net income (loss) attributable to common |
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(111.36 %) |
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Earnings (loss) per share - basic and |
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(111.36 %) |
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* pp: percentage points
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- Revenues from continuing operations increased by approximately 74,665% from
$0 million in fiscal year 2023 to$0.56 million in fiscal year 2024. We discontinued our restaurant business segment during the second quarter of 2024 and started to focus on operating and managing commercial real estate properties going forward. Since the commercial real estate management business is a newly added business line, revenue from our continuing business only amounted to$0.56 million for the year endedDecember 31, 2024 . We expect our revenue from the commercial real estate management business will continue to grow in the near future. - Gross profit from continuing operations was
$0.24 million in fiscal year 2024 as compared to gross loss from continuing operations of$0 million in fiscal year 2023. The increase in gross margin from continuing operations was mainly attributable to gross profit generated from our commercial real estate property management services beginning in the second quarter of 2024 when we began to focus on this business line when we discontinued our restaurant business segment during the second quarter of 2024.
Operating loss from continuing operations was$1.83 million in fiscal year 2024 as compared to an operating loss of$6.19 million in fiscal year 2023. Our operating loss as a percentage of total revenues was approximately negative 325% and approximately negative 820,361% for the years endedDecember 31, 2024 and 2023, respectively. Although total operating loss from continuing operations decreased in fiscal year 2024 as compared to fiscal year 2023, we still reported loss from continuing operations in fiscal year 2024 mainly due to limited revenue generated from commercial real estate property management business offset by higher amount of operating expenses during fiscal year 2024.
- Net income attributable to common stockholders was
$2.68 million , or an income per share of$0.26 , for the fiscal year 2024 as compared to net loss of$23.63 million , or a loss per share of$2.29 , for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate management business segment, increased investment income and decreased operating expenses for the year endedDecember 31, 2024 .
Full Year 2024 Financial Results
Revenues
Due to the discontinuation of our restaurant business segment in the second quarter of 2024, the Company's revenue streams are now primarily from its commercial real estate property management business. Revenues from continuing operations increased by approximately 74,665% from
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For the Twelve Months Ended |
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2024 |
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2023 |
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Y/Y Change |
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Revenues |
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% of |
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Revenues |
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% of |
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Amount ($'000) |
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% |
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Pet food domestic sales |
$ |
- |
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- |
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$ |
1 |
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100.00 % |
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$ |
(1) |
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-100.00 % |
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Commercial real estate business revenue |
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566 |
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100.36 % |
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- |
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- |
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566 |
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100.00 % |
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Less: sales tax and additional surcharge |
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(2) |
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-0.36 % |
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|
- |
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- |
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2 |
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-100.00 % |
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Total |
$ |
564 |
|
100.00 % |
|
$ |
1 |
|
100.00 % |
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$ |
563 |
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74,664.72 % |
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For the year ended
For the year ended
Cost of revenues
Our cost of revenues from our continuing operations is primarily comprised of the cost of our payroll and employee benefit costs, lease and occupancy costs, depreciation and amortization costs and agency service costs. Our cost of revenues from continuing operations increased by
Gross profit (loss) and gross profit (loss) margin
Gross profit from continuing operations was
Operating expense
Operating expense consists of selling expenses and general and administrative expenses.
Operating expenses from our continuing operations were
Selling expense from our continuing operations was
General and administrative expenses from our continuing operations were
Impairment of goodwill charge was
Operating loss and operating loss margin
Operating loss from our continuing operations was
Net income (loss) and earnings (loss) per share
- Net income was
$2.50 million for fiscal year 2024, compared to net loss of$23.63 million for fiscal year 2023. Net income attributable to common shareholders was$2.68 million , or earnings per share of$0.26 , for the fiscal year 2024. This is compared to net loss attributable to common shareholders of$23.63 million , or loss per share of$2.29 for fiscal year 2023. The increase in our net income was due to increased revenue from our commercial real estate property business segment, decreased operating expenses and increased investment income for the year endedDecember 31, 2024 .
Financial Conditions
As of
Net cash used in operating activities was
Liquidity
Our consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
For the year ended
If we are not able to effectively manage, lease and acquire new properties that successfully generate revenue, we may not be able to grow and maintain our business as anticipated, and our revenue may decline and our future business, financial condition and results of operations may be materially adversely affected. There can be no assurances that future revenue or capital infusion will be sufficient to enable us to develop our business to a level where we will be profitable or continuously to generate positive cash flows.
In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue sources in the future, and our operating and capital expenditure commitments. As of
As of
Recent Developments
Discontinued operations
We discontinued our restaurant business segment during the second quarter of 2024. The Company now focuses on the management of commercial real estate. We believe this pivot to the commercial real estate management business is in the best interests of our shareholders due to high costs we were experiencing in the restaurant segment business line, and the Company believes it can obtain stable revenue from rental income and property appreciation income from the increasing demand in the commercial real estate market from small and medium sized enterprises.
Notice
Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.
About
Founded in
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company's statements regarding, among others, its growth and business outlook, the excepted revenue growth from the Company's commercial real estate management business and the Company's ability to execute on its business plan, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; general risks affecting the commercial real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate); changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in
For more information, please contact:
Email: tdhpets@163.com
Phone: +86 183-1102-1983
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TDH HOLDINGS, INC. AND SUBSIDIARIES
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2024 |
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2023 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
15,699,562 |
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|
$ |
13,126,605 |
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Short-term investments |
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|
12,952,597 |
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|
|
13,317,882 |
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|
Accounts receivable, net |
|
|
5,748 |
|
|
|
- |
|
|
Advances to suppliers, net |
|
|
37,790 |
|
|
|
- |
|
|
Prepayments and other current assets, net |
|
|
103,519 |
|
|
|
63,074 |
|
|
Current assets held for sale associated with discontinued operation of Farlings and Bolings |
|
|
- |
|
|
|
713,715 |
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|
Total current assets |
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|
28,799,216 |
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|
27,221,277 |
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NON-CURRENT ASSETS |
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|
|
|
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Property, plant and equipment, net |
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|
2,363,989 |
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|
657,124 |
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Operating lease right-of-use assets |
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|
2,175,456 |
|
|
|
- |
|
|
Non-current assets held for sale associated with discontinued operation of Farlings and Bolings |
|
|
- |
|
|
|
1,022,996 |
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|
Total non-current assets |
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|
4,539,445 |
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|
|
1,680,120 |
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Total assets |
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$ |
33,338,661 |
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$ |
28,901,397 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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|
|
|
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|
|
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Accounts payable |
|
$ |
122,251 |
|
|
$ |
65,982 |
|
|
Advances from customers |
|
|
183,173 |
|
|
|
295 |
|
|
Bank overdrafts |
|
|
73,105 |
|
|
|
77,486 |
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|
Short-term loans - related parties |
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|
261,725 |
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|
|
277,408 |
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|
Taxes payable |
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|
14,681 |
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|
|
9,290 |
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Due to related parties |
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|
200,318 |
|
|
|
1,963,794 |
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|
Operating lease liabilities, current |
|
|
486,121 |
|
|
|
- |
|
|
Other current liabilities |
|
|
2,859,061 |
|
|
|
166,025 |
|
|
Current liabilities held for sale associated with discontinued operation of Farlings and Bolings |
|
|
- |
|
|
|
828,764 |
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|
Total current liabilities |
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|
4,200,435 |
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|
|
3,389,044 |
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NON-CURRENT LIABILITIES: |
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|
|
|
|
|
|
|
|
Operating lease liabilities, non-current |
|
|
1,738,371 |
|
|
|
- |
|
|
Non-current liabilities held for sale associated with discontinued operation of Farlings and Bolings |
|
|
- |
|
|
|
463,196 |
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Total liabilities |
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|
5,938,806 |
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|
|
3,852,240 |
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SHAREHOLDERS' EQUITY: |
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Common shares ( |
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|
206,465 |
|
|
|
206,465 |
|
|
Additional paid-in capital |
|
|
51,129,439 |
|
|
|
51,129,439 |
|
|
Accumulated deficit |
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|
(23,937,478) |
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|
|
(26,622,000) |
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|
Accumulated other comprehensive loss |
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|
(95,784) |
|
|
|
(95,066) |
|
|
|
|
|
27,302,642 |
|
|
|
24,618,838 |
|
|
Non-controlling interest |
|
|
97,213 |
|
|
|
430,319 |
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|
Total shareholders' equity |
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|
27,399,855 |
|
|
|
25,049,157 |
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Total liabilities and shareholders' equity |
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$ |
33,338,661 |
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|
$ |
28,901,397 |
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The accompanying notes are an integral part of these consolidated financial statements . |
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F-3 |
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TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
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For The Years Ended |
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|
2024 |
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2023 |
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|
2022 |
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Net revenue |
|
$ |
563,726 |
|
|
$ |
754 |
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|
$ |
24,726 |
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Total revenue |
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|
563,726 |
|
|
|
754 |
|
|
|
24,726 |
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Cost of revenue |
|
|
325,304 |
|
|
|
976 |
|
|
|
105,554 |
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|
Total cost of revenue |
|
|
325,304 |
|
|
|
976 |
|
|
|
105,554 |
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|
Gross profit |
|
|
238,422 |
|
|
|
(222) |
|
|
|
(80,828) |
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|
Operating expenses: |
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|
|
|
|
|
|
|
|
|
|
|
|
Selling expense |
|
|
- |
|
|
|
22 |
|
|
|
146 |
|
|
General and administrative expense |
|
|
1,745,247 |
|
|
|
3,145,280 |
|
|
|
2,952,355 |
|
|
Stock-based compensation expense |
|
|
- |
|
|
|
3,040,000 |
|
|
|
|
|
|
Impairment of long-lived assets other than goodwill |
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|
- |
|
|
|
- |
|
|
|
6,833 |
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|
Impairment of goodwill |
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|
325,832 |
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|
|
- |
|
|
|
- |
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Total operating expenses |
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|
2,071,079 |
|
|
|
6,185,302 |
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|
|
2,959,334 |
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Loss from operations |
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|
(1,832,657) |
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|
|
(6,185,523) |
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|
|
(3,040,162) |
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|
Interest income (expense) |
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|
(68,858) |
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|
|
(14,276) |
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|
|
43,081 |
|
|
Other income (expense) |
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|
15,670 |
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|
|
461,461 |
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|
(21,375) |
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|
Investment income (loss), net |
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|
3,811,339 |
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|
(2,644,576) |
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|
4,161,093 |
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Total other income (expenses) |
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|
3,758,151 |
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|
(2,197,391) |
|
|
|
4,182,799 |
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Income (loss) before income tax provision |
|
|
1,925,494 |
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|
|
(8,382,915) |
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|
|
1,142,637 |
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Income tax provision |
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|
(182) |
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|
|
|
|
|
|
- |
|
|
Net income (loss) from continuing operations |
|
|
1,925,312 |
|
|
|
(8,382,915) |
|
|
|
1,142,637 |
|
|
Net income (loss) from discontinued operations of Tiandihui |
|
|
- |
|
|
|
(15,095,547) |
|
|
|
(339,054) |
|
|
Net income (loss) from discontinued operations of |
|
|
575,249 |
|
|
|
(153,054) |
|
|
|
51,430 |
|
|
Net income (loss) |
|
|
2,500,561 |
|
|
|
(23,631,516) |
|
|
|
855,013 |
|
|
Less: Net income (loss) attributable to non-controlling interest |
|
|
(183,961) |
|
|
|
(5,344) |
|
|
|
51,313 |
|
|
Net income (loss) attributable to |
|
$ |
2,684,522 |
|
|
$ |
(23,626,172) |
|
|
$ |
803,700 |
|
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
2,500,561 |
|
|
$ |
(23,631,516) |
|
|
$ |
855,013 |
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
(718) |
|
|
|
(523,315) |
|
|
|
888,951 |
|
|
Total comprehensive income (loss) |
|
|
2,499,843 |
|
|
|
(24,154,831) |
|
|
|
1,743,964 |
|
|
Less: Comprehensive income (loss) attributable to non-controlling interest |
|
|
(333,106) |
|
|
|
(5,344) |
|
|
|
51,313 |
|
|
Comprehensive income (loss) attributable to |
|
$ |
2,832,949 |
|
|
$ |
(24,149,487) |
|
|
$ |
1,692,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
(2.29) |
|
|
$ |
0.10 |
|
|
Diluted |
|
$ |
0.26 |
|
|
$ |
(2.29) |
|
|
$ |
0.10 |
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
10,323,268 |
|
|
|
10,323,268 |
|
|
|
8,019,208 |
|
|
Diluted |
|
|
10,323,268 |
|
|
|
10,323,268 |
|
|
|
8,019,208 |
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements . |
|
F-4 |
|
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY |
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|
|
|
Number of |
|
|
Common |
|
|
Additional |
|
|
Stock |
|
|
Statutory |
|
|
Accumulated |
|
|
Accumulated |
|
|
Total |
|
|
Non- |
|
|
Total |
|
||||||||||
|
Balance, |
|
|
5,218,681 |
|
|
$ |
104,374 |
|
|
$ |
42,151,658 |
|
|
$ |
|
|
|
$ |
160,014 |
|
|
$ |
(28,969,627) |
|
|
$ |
(460,702) |
|
|
$ |
12,985,717 |
|
|
$ |
384,350 |
|
|
$ |
13,370,067 |
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
803,700 |
|
|
|
- |
|
|
|
803,700 |
|
|
|
51,313 |
|
|
|
855,013 |
|
|
Issuance of common stock and |
|
|
4,000,000 |
|
|
|
80,000 |
|
|
|
5,937,781 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,017,781 |
|
|
|
- |
|
|
|
6,017,781 |
|
|
Warrants exercised for cashless |
|
|
1,104,587 |
|
|
|
22,091 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,091 |
|
|
|
- |
|
|
|
22,091 |
|
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
888,951 |
|
|
|
888,951 |
|
|
|
- |
|
|
|
888,951 |
|
|
Balance, |
|
|
10,323,268 |
|
|
$ |
206,465 |
|
|
$ |
48,089,439 |
|
|
$ |
- |
|
|
$ |
160,014 |
|
|
$ |
(28,165,927) |
|
|
$ |
428,249 |
|
|
$ |
20,718,240 |
|
|
$ |
435,663 |
|
|
$ |
21,153,903 |
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
(23,626,172) |
|
|
|
- |
|
|
|
(23,626,172) |
|
|
|
(5,344) |
|
|
|
(23,631,516) |
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
3,040,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,040,000 |
|
|
|
|
|
|
|
3,040,000 |
|
|
Adjustment to reflect the effect |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(160,014) |
|
|
|
25,170,099 |
|
|
|
- |
|
|
|
25,010,085 |
|
|
|
- |
|
|
|
25,010,085 |
|
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(523,315) |
|
|
|
(523,315) |
|
|
|
- |
|
|
|
(523,315) |
|
|
Balance, |
|
|
10,323,268 |
|
|
$ |
206,465 |
|
|
$ |
51,129,439 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(26,622,000) |
|
|
$ |
(95,066) |
|
|
$ |
24,618,838 |
|
|
$ |
430,319 |
|
|
$ |
25,049,157 |
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
2,684,522 |
|
|
|
- |
|
|
|
2,684,522 |
|
|
|
(183,961) |
|
|
|
2,500,561 |
|
|
Foreign currency translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(718) |
|
|
|
(718) |
|
|
|
(149,145) |
|
|
|
(149,863) |
|
|
Balance, |
|
|
10,323,268 |
|
|
$ |
206,465 |
|
|
$ |
51,129,439 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(23,937,478) |
|
|
$ |
(95,784) |
|
|
$ |
27,302,642 |
|
|
$ |
97,213 |
|
|
$ |
27,399,855 |
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements . |
|
F-5 |
|
TDH HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|||||||||||
|
|
|
|||||||||||
|
|
|
For The Years Ended |
|
|||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|||
|
Net income (loss) |
|
$ |
2,684,522 |
|
|
$ |
(23,626,172) |
|
|
$ |
803,700 |
|
|
Less: net income (loss) from discontinued operations |
|
|
575,249 |
|
|
|
(15,248,601) |
|
|
|
(287,624) |
|
|
Net income (loss) from continuing operations |
|
|
2,109,273 |
|
|
|
(8,377,571) |
|
|
|
1,091,324 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
111,642 |
|
|
|
22,649 |
|
|
|
17,114 |
|
|
Fair value change of short-term investments |
|
|
(3,811,339) |
|
|
|
2,644,576 |
|
|
|
(4,161,093) |
|
|
Impairment of goodwill |
|
|
325,832 |
|
|
|
- |
|
|
|
- |
|
|
Impairment of long-lived assets other than goodwill |
|
|
- |
|
|
|
1,964 |
|
|
|
6,833 |
|
|
Inventory write-down |
|
|
- |
|
|
|
69,677 |
|
|
|
11,532 |
|
|
Allowance for doubtful accounts |
|
|
- |
|
|
|
22,674 |
|
|
|
7,210 |
|
|
Loss (gain) on disposal of property, plant and equipment |
|
|
59,009 |
|
|
|
37,766 |
|
|
|
153,983 |
|
|
Gain from operating lease contract modification |
|
|
- |
|
|
|
- |
|
|
|
(408,198) |
|
|
Amortization of operating lease right-of-use assets |
|
|
(676,397) |
|
|
|
2,623,288 |
|
|
|
- |
|
|
Stock-based compensation |
|
|
|
|
|
|
3,040,000 |
|
|
|
- |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
114,462 |
|
|
|
40,894 |
|
|
|
93,952 |
|
|
Inventories, net |
|
|
8,370 |
|
|
|
44,240 |
|
|
|
41,252 |
|
|
Operating lease liabilities |
|
|
2,315,206 |
|
|
|
691,854 |
|
|
|
4,023,944 |
|
|
Advances to suppliers, net |
|
|
(38,144) |
|
|
|
(32,465) |
|
|
|
8,197 |
|
|
Prepayments and other current assets, net |
|
|
(1,660,998) |
|
|
|
(3,210,336) |
|
|
|
(2,714,557) |
|
|
Accounts payable |
|
|
66,823 |
|
|
|
(369,142) |
|
|
|
(266,778) |
|
|
Accounts payable - related parties |
|
|
- |
|
|
|
502,635 |
|
|
|
(132,081) |
|
|
Interest payable |
|
|
30,662 |
|
|
|
3,573 |
|
|
|
(411,112) |
|
|
Taxes payable |
|
|
6,982 |
|
|
|
(2,445) |
|
|
|
(17,103) |
|
|
Advances from customers |
|
|
185,145 |
|
|
|
(6,974) |
|
|
|
- |
|
|
Advances from customer - related party |
|
|
- |
|
|
|
- |
|
|
|
(13,799) |
|
|
Other current liabilities |
|
|
2,615,861 |
|
|
|
(1,239,570) |
|
|
|
811,658 |
|
|
Net cash provided by (used in) operating activities from continuing operations |
|
|
1,762,390 |
|
|
|
(3,492,712) |
|
|
|
(1,857,721) |
|
|
Net cash provided by (used in) operating activities from discontinued operations |
|
|
(1,996,377) |
|
|
|
999,987 |
|
|
|
(214,994) |
|
|
Net cash used in operating activities |
|
$ |
(233,987) |
|
|
$ |
(2,492,725) |
|
|
$ |
(2,072,715) |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire property and equipment |
|
|
(1,881,370) |
|
|
|
(7,655) |
|
|
|
- |
|
|
Disposal of subsidiaries |
|
|
578,400 |
|
|
|
- |
|
|
|
- |
|
|
Cash obtained from business acquisition |
|
|
16,047 |
|
|
|
- |
|
|
|
- |
|
|
Purchase of short-term investments |
|
|
(46,777,749) |
|
|
|
(37,066,925) |
|
|
|
(42,483,794) |
|
|
Proceeds from sale of short-term investments |
|
|
50,944,982 |
|
|
|
31,024,365 |
|
|
|
41,150,967 |
|
|
Investment in equity |
|
|
(99,280) |
|
|
|
- |
|
|
|
- |
|
|
Leasehold improvement |
|
|
- |
|
|
|
(16,836) |
|
|
|
- |
|
|
Net cash provided by (used in) investing activities from continuing operations |
|
|
2,781,030 |
|
|
|
(6,067,051) |
|
|
|
(1,332,827) |
|
|
Net cash provided by investing activities from discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net cash provided by (used in) investing activities |
|
|
2,781,030 |
|
|
|
(6,067,051) |
|
|
|
(1,332,827) |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Collection of stock subscription receivable |
|
|
- |
|
|
|
- |
|
|
|
6,017,781 |
|
|
Proceeds from related parties |
|
|
- |
|
|
|
- |
|
|
|
22,410 |
|
|
Repayments to related parties |
|
|
- |
|
|
|
(6,774) |
|
|
|
- |
|
|
Payment to related party |
|
|
- |
|
|
|
1,928,329 |
|
|
|
15,289 |
|
|
Net cash provided by financing activities from continuing operations |
|
|
- |
|
|
|
1,921,554 |
|
|
|
6,055,480 |
|
|
Net cash provided by financing activities from discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net cash provided by financing activities |
|
$ |
- |
|
|
$ |
1,921,554 |
|
|
$ |
6,055,480 |
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(508,863) |
|
|
|
(1,557,522) |
|
|
|
(303,788) |
|
|
Net change in cash, cash equivalents and restricted cash |
|
|
2,038,180 |
|
|
|
(8,195,743) |
|
|
|
2,346,150 |
|
|
Cash, cash equivalents and restricted cash, beginning of the year |
|
|
13,661,382 |
|
|
|
21,857,125 |
|
|
|
19,510,975 |
|
|
Cash, cash equivalents and restricted cash, end of the year |
|
$ |
15,699,562 |
|
|
$ |
13,661,382 |
|
|
$ |
21,857,125 |
|
|
Less: cash and restricted cash of discontinued operations at the end of the period |
|
|
- |
|
|
|
534,777 |
|
|
|
1,856,529 |
|
|
Cash and restricted cash of continued operations at the end of the period |
|
$ |
15,699,562 |
|
|
$ |
13,126,605 |
|
|
$ |
20,000,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Income taxes paid |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities assumed in connection with purchase of property, plant and equipment |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Notes payable reclassified to short-term loans |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
Short-term loans settled by transferring an equity investment to the creditor |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Cashless exercise of warrants |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
Right of use assets obtained in exchange for operating lease obligations |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
|
|
|
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
15,699,562 |
|
|
$ |
13,126,605 |
|
|
$ |
20,000,596 |
|
|
Restricted cash |
|
$ |
- |
|
|
$ |
534,777 |
|
|
$ |
1,856,529 |
|
|
Total cash, cash equivalents, and restricted cash |
|
$ |
15,699,562 |
|
|
$ |
13,661,382 |
|
|
$ |
21,857,125 |
|
|
|
|
The accompanying footnotes are an integral part of these financial statements . |
|
F-6 |
View original content:https://www.prnewswire.com/news-releases/tdh-holdings-inc-reports-full-year-2024-audited-financial-results-302439473.html
SOURCE
